The Cooperative Development Authority (CDA) and Rizal Commercial Banking Corporation (RCBC) signed a memorandum of understanding to promote digital financial inclusion in the country’s cooperative groups.
The contract signing was held during the celebration of the 100th International Day of Cooperatives on Saturday, July 2, in Quezon City.
This is also in response to the call of the Bangko Sentral ng Pilipinas to include 70 percent of Filipinos in a formal financial system by 2023.
“We are very grateful that we have this signing of the memorandum of understanding because we share the same advocacy in terms of promoting financial inclusion,” said Angelito Villanueva in his speech during the ceremony.
He is the executive vice president and chief innovation and inclusion officer of RCBC.
Through this partnership, RCBC can perform financial seminars, workshops, and other activities to include the members of 18,848 operating cooperatives in the current trend of using digital financial platforms such as RCBC’s DiskarTech and ATM Go.
These online applications, according to RCBC, can be easily accessed in the near future by cooperative members residing even in remote places of the country because of the government’s current actions on strengthening internet access nationwide.
The contract signing was done by CDA Chairman Joseph Encabo and Villanueva.
It was witnessed by CDA Assistant Secretary Vidal D. Villanueva, III and Roberto Alexander Campos. (Luisa Cabato)